Property Disclosure

North Carolina General Statute requires homeowners of residential real estate (single-family homes and dwellings with up to four units) to fill out a property disclosure statement when they are selling their properties. This statement form is available from any RE/MAX UNITED office. A disclosure statement must be furnished to all potential purchasers in connection with the sale, exchange, option and sale under a lease with option to purchase (unless the tenant is already occupying or intends to occupy the dwelling). A disclosure statement is not required for some transactions however, including the first sale of a dwelling which has never been inhabited and transactions of residential properties made pursuant to a lease with option to purchase where the lessee occupies or intends to occupy the dwelling.

Homeowners who attempt to sell their homes on their own (for-sale-by-owner) are not excluded and they have the same obligation to provide this disclosure statement to potential buyers, whether or not they are assisted by a licensed real state broker or salesman.

Exemptions to this requirement are as follows:

New constructed never occupied homes
Transfers from one co-owner to another
Transfers to a spouse or persons in the lineal line
Transfers between spouses as a result of a divorce
Transfers pursuant to a court order, foreclosures, bankruptcy, or by trustees or estate administrators
Lease with option to purchase contract where the lessee occupies or intends to occupy the dwelling
Transfers between parties when both parties agree in advance not to complete a residential property disclosure statement

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Kathy Sims
RE/MAX Hall of Fame
Certified Luxury Home Marketing Specialist
RE/MAX© Platinum Club
51 Kilmayne Drive
Cary, North Carolina 27511

Toll Free: (800) 326-3562 x 6565
Direct/Voicemail: (919) 274-1710
Fax: (919) 469-8444
Email: kathy@kathysims.com

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